The small ice market in Europe is expected to grow from US$ 933.33 million in 2020 to US$ 1444.84 million by 2027; it is estimated to grow at a CAGR of 6.4% from 2020 to 2027. The rigorous emission norms are creating demand for efficient fuel engines and bolstering the growth of the industry. Governments of various countries are imposing certain regulations to control the emissions of internal combustion (IC) engines, which is pressurizing the engine makers toward downsizing and production of small-sized engines. Small internal combustion engines consume less fuel to generate sufficient power. They are known for providing high efficiency, which is augmenting the market growth. The emission monitoring and regulatory bodies, such as California Air Resources Board, EPA (The U.S. Environmental Protection Agency), and European Commission, are imposing stringent regulations on the use of internal combustion engine. To meet the regulatory standards—including EU stage V regulation and EPA Emission Standards Regulations—engine manufacturers are downsizing the engine capacity, which is propelling the market growth. Market players are developing new small IC engines meeting the new emission regulation standards. For instance, in October 2019, Linamar Corporation announced the development of smaller booms meeting the European Stage V Emission Standards. The equipment is specially designed to meet the European regulations by using an 18.5 kW engine, which is financially sensible for company and customers. Similar, in November 2019, JCB, a manufacturer of heavy construction machinery, announced a new product line meeting the EU Stage V emission norms. The company introduced the smallest 403 model for the construction industry, equipped with smart power 19 kW (25 hp) and 26 kW (36 hp) engine options. Rising developments in small internal combustion engines, owing to stringent regulations, are propelling the market growth, which is further driving the demand for small ice market. The Boom in Adoption of Small Off-Road Internal Combustion Engines is among the other factors expected to positively influence the demand.
Owing to the pandemic, the European manufacturing and transportation industry has witnessed an abrupt downturn in several major countries.The manufacturing and transportation industry in Europe suffered one of the biggest drops in activities after the factories were closed.
The supply of safety equipment and workers was disrupted due to the pandemic.The drop in the region’s manufacturing and transportation activities has directly affected the sales of the small ICE in Europe.
Due to the decline in manufacturing and transportation, the Small ICE market will witness an abrupt downturn in 2020.Further, countries in the region, including Germany, the UK, France, and Belgium, have witnessed a second wave of the virus and have announced lockdown for the second time in November 2020.
The situation amid the COVID-19 pandemic is extraordinary, which is anticipated to hamper the market’s growth. Also, demand for small ICE from certain countries, such as Germany and the Netherlands, was positive during the first half of 2020, owing to re-opening of manufacturing activities. Furthermore, the Danish market also noticed positive demand in Q3, 2020. Additionally, demand in the Czech Republic declined due to a slowdown in manufacturing and transportation activities and the UK due to government restrictions on several industries’ operations. Overall, the demand for small ICE in the region is expected to be driven by expanding the approved Pan-European grid.
The 11–20 kW segment dominated the Europe small ICE market based on power output type in 2019.The customers who need additional power while meeting the regulatory standards of emissions are adopting the 11–20 kW ranged small internal combustion engines.
The major adoption of power output-based engines is in the industrial applications to provide power for machinery and provide electricity backup for small scale industries, among others.Further, advancements in 11–20 kW engines made them compatible for off-road machineries, such as mini cranes and agricultural mini tractors.
The 11–20 kW engines are highly used in gensets installed for offices, small industries, commercial places, and buildings, which is ultimately drives the Small ICE Market. The overall Europe Small ICE market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the Europe Small ICE market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe Small ICE market. Caterpillar Inc.; Kawasaki Heavy Industries, Ltd.; MITSUBISHI HEAVY INDUSTRIES, LTD; Liebherr; YANMAR HOLDINGS CO., LTD.; Cummins, Inc; INNIO; Wärtsilä Corporation; and Rolls-Royce Holdings plc are among the leading companies in Europe small ice market.
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